Is It Time to Buy a Shibu Inu Now That the Stock Is Up 2%?
Despite very little movement in the cryptocurrency market over the last 24 hours, the price of Shiba Inus has jumped 2% today, reaching $0.00003305.
As of right now, SHIB is one of the top-20 currencies in terms of performance over the last 30 days, having increased by 240% and 3.5% during the previous week
The currency may see more increases in the next weeks as the bull market centered on Bitcoin gives way to a more robust alt season
Its current price is above both its 30-day and 200-day moving averages, which indicates that it has just begun a growth phase. The 30-day average is yellow and the 200-day average is blue.
Similarly the relative strength index (purple) of SHIB is slowly rising again after dropping from 90 to 70 last week, indicating that buyers' impetus is still strong..
Still, it seems that a few whales have been bankrolling gains in anticipation.
The Shiba Inu price will continue to rise after any short-term declines, since the market as a whole is still in a very positive mood, propelled mostly by the volumes of Bitcoin ETFs and the impending halving of Bitcoin.
Ethereum ETFs, among other factors, might keep the present boom going well into the second half of 2024, while it's still possible that prices could climb generally until the halving in April and then fall thereafter.
Shiba Inu (SHIB) might see a more robust price increase due to its fundamentals, but it will still rise in value with most other significant coins.
One example is the 400 million transactions performed by the Shibarium layer-two network since its introduction in August, which has increased to around one million transactions every day.
A higher SHIB price in the long run is possible because to the advent of Shibarium, which stimulates the Shiba Inu's long-term development.
In the next weeks it may go beyond $0.000040,
